Post by KakkoiiMan on May 5, 2011 23:22:11 GMT 8
Tariffs, regulations and customs
Although, Singapore is regarded as a free port, all alcoholic beverages are subject to high excise duties. The importation of all intoxicating liquors and tobacco products into Singapore is subjected to duties and seven per cent Goods & Services Tax (GST) on the cost, insurance and freight value (CIF) plus the duties payable.
Excise duty on wine and sparkling wine is S$70 per litre of alcohol and a GST of seven per cent is added to the base retail price by the retailers. Champagne and sparkling wine also incur the same duty of S$70 per litre of alcohol.
Goods imported for storage in a licensed warehouse must be declared to customs at the time of importation. Both the GST and customs duty payable at importation will be suspended. The GST and customs duty will be payable when the goods are removed from the licensed warehouse for use.
The importer or his agent has to be registered with Singapore Customs and maintain a security, in the form of a bank guarantee or insurance bond with Customs for transactions involving dutiable liquors and tobacco products.
Duties and GST have to be paid before the alcoholic beverages and tobacco products are released for sales/consumption locally. The importer or his agent has to apply for an In-Payment (duty and GST) permit electronically via the TradeNet® System prior the products are released for local sale or consumption. The importer or his agent has to make sure that the intoxicating liquors meet the requirements which are specified as follows:
The computation of duty for liquors will be based on the classification code, unit volume and alcoholic strength as declared in the Inward Permit. Extraction of liquor sample for duty assessment is not necessary unless required by customs.
Duty payment may be made for direct import of commercial and non-commercial quantities of liquors without bonding into a licensed warehouse. Where the duty rate is based on per litre alcohol, the actual alcoholic strength should be used to assess the duty payable.
Although, Singapore is regarded as a free port, all alcoholic beverages are subject to high excise duties. The importation of all intoxicating liquors and tobacco products into Singapore is subjected to duties and seven per cent Goods & Services Tax (GST) on the cost, insurance and freight value (CIF) plus the duties payable.
Excise duty on wine and sparkling wine is S$70 per litre of alcohol and a GST of seven per cent is added to the base retail price by the retailers. Champagne and sparkling wine also incur the same duty of S$70 per litre of alcohol.
Goods imported for storage in a licensed warehouse must be declared to customs at the time of importation. Both the GST and customs duty payable at importation will be suspended. The GST and customs duty will be payable when the goods are removed from the licensed warehouse for use.
The importer or his agent has to be registered with Singapore Customs and maintain a security, in the form of a bank guarantee or insurance bond with Customs for transactions involving dutiable liquors and tobacco products.
Duties and GST have to be paid before the alcoholic beverages and tobacco products are released for sales/consumption locally. The importer or his agent has to apply for an In-Payment (duty and GST) permit electronically via the TradeNet® System prior the products are released for local sale or consumption. The importer or his agent has to make sure that the intoxicating liquors meet the requirements which are specified as follows:
The computation of duty for liquors will be based on the classification code, unit volume and alcoholic strength as declared in the Inward Permit. Extraction of liquor sample for duty assessment is not necessary unless required by customs.
Duty payment may be made for direct import of commercial and non-commercial quantities of liquors without bonding into a licensed warehouse. Where the duty rate is based on per litre alcohol, the actual alcoholic strength should be used to assess the duty payable.